Nel Asa Stock Earnings Reports

Nel reported Q2 2026 revenues of NOK 153 million (down 12% YoY) and a negative EBITDA of NOK 155 million, largely driven by a NOK 70 million one-off settlement with Iwatani; adjusted for that item EBITDA was roughly flat versus Q2 2025. Order intake in the quarter was NOK 230 million, lifting backlog to NOK 1.2 billion. Cash on hand was NOK 1.3 billion. Commercial highlights included two ~USD 7 million purchase orders for containerized PEM systems, continued demand for containerized PEM (1.25–20+ MW), and early customer interest in the newly launched pressurized alkaline (PA-Series). The PA-Series was presented as a smaller, lower-CapEx solution (system CapEx reduction ~40–60% vs prior reference), targeting a reference full-turnkey CapEx of ~USD 1,400/kW for 20–30 MW projects and an estimated system energy consumption of 51–53 kWh/kg; a prototype/quarter-scale unit is operational at Herøya. Nel received EUR 135 million EU funding (milestone payment received) to support scale-up and is building a production line aimed at 500 MW installed capacity by end-2026 (expandable to 1 GW in 2027). Management reduced headcount from 430 to 313 to control cost and preserved R&D capability; R&D spend remains elevated. Partnerships and go-to-market arrangements were expanded (Samsung E&A, Saipem, SMA Altenso, Reliance project in India ongoing). Management emphasized that more orders—especially for alkaline at scale—are required to return to historical revenue and profitability levels; timing for significant alkaline order flow is measured in quarters as customers evaluate the new PA-Series. CEO Håkon Volldal announced he will step down to pursue another opportunity but will remain during his notice period; the Board has started a successor search. Management stated the funding position is solid today with no immediate need for capital actions, but they will remain proactive if required.